07-08-09 Council Workshop Minutes

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MINUTES CITY COUNCIL JiJLY 8, 2009 Administrator noted the issues of whether or not the sites are available, who would purchase and pay for these sites, the potential for having to sit on these properties for a mm~ber of years, the ability to recover costs given the wrccrCainty over redevelopment options, etc. make it challenging to deal with these properties. The Administrator noted that if the City is the purchaser and TIF is used, it would be difficult Co project the TIF project at this point. There was discussion about having the properties appraised, but the consensus was to not proceed with appraisals at this time given the unknowns with The redevelopment of the Fra-Dor site at this time. There was discussion that the Fra-Dor redevelopment project will be evolving over time. The immediate issue is the extension of the Interim Use Permit for the Fra-Dor recycling operation and getting an agreement in place relative to site redevelopment. Frattalone reported that he has discussed the possible purchase of the Costanzo parcels with Tony Costanzo. Mr. Costanzo is willing to sell, but is not sure what he wants for the property. Costanzo suggested that Frattalone get an appraisal, although Frattalone stated that he thought the asking price would be higher than appraised value. Frattalone indicated that the biggest issue is to get an agreement in place documenting the partnership agreement between the City and Fra-Dor for redevelopment of the Fra-Dor site. Frattalone stated that, in the meantime, he would like to operate his recycling operation to earn revenue to pay his property taxes until Che properCy can be redeveloped. Frattalone reviewed the third discussion point which provides that the property will be listed for sale three years from now. The listing price will be determined by the "fair Market Value" as determined by an appraisal of the property at the time of listing. Frattalone stated that he would like a five-year extension of the Interim Use Permit noting that the property would be offered for sale after three years. He did not want to place a for sale sign on the property due to business impacts, and felt that signage was not key to finding commercial real estate buyers. The Council was agreeable to these terms. Frattalone also noted that while the property is for sale, he would provide status reports on a six month basis relative to calls on the property, offers submitted, etc. T'he next point reviewed related to shut down of the Fra-Dor operation at the time the property sells. Frattalone pointed out that they typically have commitments through the end of a season and would likely need 6 to 12 months to shut down the operation. Frattalone noted that any buyer of the property will need a period of time to do their due diligence on the site.